Chainlink's price has recently broken below a significant support level on the weekly timeframe, creating a risk of a 45% decline. This drop follows the cryptocurrency hitting a 50-month low against Bitcoin, causing concern among LINK investors.
Despite the asset's strong underlying fundamentals, its market performance has been weak. Investors are worried that the price may continue to decline, as evident from the recent 3.2% decrease.
The situation has prompted speculation on whether Chainlink will see further downward movement, underscoring the volatility and unpredictability inherent in the cryptocurrency markets.
